Aperol sales have fallen in the U.S. What does this mean for investors?

Sales of Campari’s Aperol slowed in the U.S. this summer amid a boom in a cocktail called the Hugo—which contains Bacardi’s competing St-Germain liqueur, according to the Financial Times. The rapid rise in popularity of the new elderflower-based drink poses a threat to the Italian holding company’s dominance in the aperitif market, the publication notes. Aperol accounts for more than a quarter of the company’s sales.

Demand for St-Germain elderflower liqueur has surged by 40% in the U.S. over the past three months, as spritz enthusiasts have begun to turn away from the bright-orange Aperol. Aperol’s sales fell by 4% over the same period, according to NielsenIQ data cited by the FT. And in the first half of the year, growth was only 3.3%, marking a significant slowdown compared with historical highs, the publication reports. Aperol accounts for more than a quarter of Campari’s total sales.

Over the past three years, Campari has outperformed competitors such as Diageo—which produces Johnnie Walker whiskey and Captain Morgan rum—thanks to its leadership specifically in the aperitif category. Campari’s flagship product, Aperol, and the bright-pink Sarti Rosa are in high demand because they are used in spritzers—drinks that have become popular on social media thanks to their vibrant colors and lower alcohol content.

Campari and Bacardi, which also produces Bombay Sapphire gin and Grey Goose vodka, each hold about 2–3% of the highly fragmented global spirits market, according to the FT.

Campari CEO Simon Hunt dismissed concerns that the St-Germain spritz poses a serious threat. He noted that Campari has a strong position thanks to its portfolio of aperitifs catering to every taste—from bitter to sweet. Unlike the Aperol spritz, the Hugo cocktail is not tied to a specific brand, he added, which means Bacardi has to work harder to build an association with the drink. “We see this as an opportunity... If someone is helping to grow the category, that’s great,” Hunt said.

This year, the Italian company has made significant investments in marketing Aperol to American consumers, deploying 21 brand ambassadors across 11 states, according to the FT.

Campari shares rose 0.6% during trading in Milan on August 3; they are up nearly 7% year-to-date. Bacardi is a privately held company that has been controlled by the Bacardi family for more than seven generations.

Jefferies analyst Ed Mandi stated that until Aperol’s sales growth picks up again, he will not upgrade his recommendation on Campari shares from the current “hold” rating. However, according to Jefferies, despite the rapid rise in St-Germain’s popularity, sales volumes of this liqueur still lag significantly behind those of Aperol. In 2025, 8.8 million cases of Aperol were sold worldwide, compared to just 435,000 cases of St-Germain.

Twelve of the 21 analysts covering Campari recommend holding the stock in their portfolios, neither increasing nor decreasing their positions. Eight advise buying the company’s shares, and only one recommends selling.

This article was AI-translated and verified by a human editor